Royal Bank of Scotland is to axe 3,000 staff. The cuts to its global banking and markets workforce will take place across 50 countries, including the UK.
The job losses will occur over the coming weeks. It is expected that the bank’s London base will be one of the hardest hit. RBS has 170,000 staff worldwide, of which approximately 100,000 are in Britain.
It is thought however that RBS high street branches, and those of its subsidiary, Nat West will not be affected.
The bank has been one of the hardest hit by the credit crunch and is in line for a £20bn taxpayer bail-out, along with other high street banks.
The bank says: “We constantly review our operating model to make sure that it is appropriate to the market condition, and take action accordingly.”
Separately, RBS has cancelled plans for an extravagant awards evening in Scotland, amid mounting criticism of the glitzy evening, The Group Finance Awards, while it awaits its Government hand out.
The bank says: “We are, as you would imagine, re-assessing some planned events, which includes cancelling those that are not appropriate in the current environment.”
Nonetheless it faces growing outrage over its plans to spend £1m on Christmas parties for staff this year.